Guidewires Market to Be Driven by Demand From Neurovascular Guidewires In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Guidewires Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global guidewires market, assessing the market based on its segments like product, material, coating, application, end use and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5.8%
- Forecast Market Size (2026): USD 1.7 billion
The market for guidewires has seen substantial growth due to factors such as Increasing Demand for Minimally Invasive Surgeries and the Growing Prevalence of Lifestyle Disorders. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the guidewires market. In addition, in contrast to their conventional counterparts, minimally invasive processes require low costs.
In the healthcare sector, this results in an increased demand for guidewires. In addition, the lifestyle change scenario has led to people leading a sedentary life, placing them at higher risk of chronic diseases such as congenital heart disease and stroke. This, in fact, leads to an increased number of surgeries all over the world. The growth of the guide wire industry is further motivated by this. Technological progress in the grinding process is expected to favor the industry’s growth over the forecast period.
Industry Definition and Major Segments
A guidewire is a thin and flexible wire which is used during CVC insertions to direct the catheter into position. The purpose of a guidewire is to gain access using a minimally invasive technique to the blood vessels. Due to their low cost, minimum effect on the patient, and shorter recovery time, guidewires are considered to be a game-changer in the medical industry.
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Based on the product, the industry is divided into:
- Coronary
- Peripheral
- Urology
- Neurovascular
Based on the material, the industry is divided into:
- Nitinol
- Stainless Steel
- Hybrid
Based on the coating, the industry is divided into:
- Coated
- Non-Coated
Based on the application, the industry is divided into:
- Cardiology
- Vascular
- Neurology
- Urology
- Gastroenterology
- Oncology
- Otolaryngology
Based on the end use, the industry is divided into:
- Hospital and Clinics
- Diagnostic Centres
- Research Laboratories
The regional markets for guidewires include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Geographically, North America is expected to remain the market leader due to the growing demand for minimally invasive surgeries among Americans and an increase in understanding of the reimbursement policies provided by the government, over the forecast period.
In addition, it is expected that the rise in neurovascular disorders such as brain aneurysms, cerebral infarction, and stroke would result in increased global demand for guidewires. The neurovascular segment is expected to account for a significant share in the guide wire industry, based on the product. This can be due to the growing number of procedures being performed globally in neurovascular neuroradiology.
Due to the comparatively lower risk associated with operations involving guidewires compared to traditional procedures, the treatment of neurovascular disease with guidewires has become very common. In addition, it is a common option for use among doctors and surgeons due to the low cost of neurovascular guidewires.
Key Market Players
The major players in the market are Boston Scientific Corporation, Medtronic Plc, Teleflex Incorporated, Cardinal Health Inc., Terumo Medical Corporation, Abbott Laboratories, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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